Expert review of Onward Capital terms and former clients’ feedback.
Information about Onward Capital Company
Scammers often use various tricks to create the facade of a reliable company. One such deception is the activities of Onward Capital. Initially, the company creates a favorable impression, but reviews from former clients indicate otherwise. We will now reveal the secrets used by this organization to deceive traders.
Main Data about “Onward Capital”
This fraudulent enterprise portrays itself as an innovative firm that invests in various environmental projects. Fraudsters offer to capitalize funds in startups dedicated to environmental protection.
There is little information about this fraudulent project online, which prompted us to check the creation date of the onward.capital web domain using the Whois service. As a result, the domain was registered in November 2020. Essentially, the company has been operating for less than six months. This explains the lack of widespread online criticism about it.
The “popularity” of the project is evidenced by data on its official online pages. On the Onward Capital YouTube channel, there are only 10 videos, with the first one being uploaded a month ago. The channel itself was created on November 27, 2020. The number of subscribers is hidden.
On the Instagram page, Onward Capital has only 114 followers and 15 posts.
On Facebook, only 375 people are following the scammers’ page.
Legal Documents Review
The “Onward Capital” website does not contain any information about the regulatory body. Therefore, during our analysis, we checked this company in the CIPF (Canadian Investor Protection Fund) and IIROC (Investment Industry Regulatory Organization of Canada) registers since it operates within Canada. The CIPF website yielded no results for this query, and the IIROC points to several companies not related to Onward Capital.
This scam operates without the necessary license. Trusting such fraudulent projects is dangerous because in attempting to recover investments, the client will be left without support. As a result, the defrauded investor is left only with leaving negative reviews online.
We examined the “Company Terms” and identified several interesting points. “Onward Capital,” like all scams, disclaims responsibility for clients’ financial losses. Fraudsters may refuse to payout funds by inventing a sudden natural disaster or calamity.
According to section 3.7, fraudsters have the ability to block a user’s account for any reason. Such a scheme is often used by scammers to steal money: they accuse the investor of violating platform rules or engaging in fraudulent activities and block their account. The invested capital remains unrecovered.
Section 7.4 states that the website may provide false information, for which the scammers also bear no responsibility. Therefore, Onward Capital can post false data on the platform to deceive clients and make them lose their investments.
What “Onward Capital” Presents?
Scammers offer to invest funds in startups and earn interest on the account. Investments can be made in currency, BTC, and ETH. There are four tariff plans available:
- “Ultimate.” Profit ranges from 2.68 to 3.51% per day.
- “Short.” Minimum daily earnings are 0.8%, maximum 1.7%.
- “Liberty.” Daily profitability ranges from 3 to 4.5%.
- “Trade.” Profit is calculated individually.
There is also the opportunity to join the Onward Capital affiliate program, where additional monetary amounts are paid for attracting new clients.
Actual Reviews about the Company
Reviews about Onward Capital are absent online. The company has only recently emerged, and its founders have not yet had the opportunity to deceive many people. Nevertheless, there are victims who share negative opinions.
Onward Capital Company’s Scam Strategy
Users who fall under the scammers’ influence will receive calls from representatives of a fictional company persuading them to invest in the project. Employees will promise unbelievable profits and suggest bringing in friends to increase income. This is a typical financial pyramid scheme.
When attempting to withdraw funds, the investor will face difficulties as the money will not be credited to the account. Onward Capital support staff will convince the user to wait, citing technical glitches and assuring that the funds will soon be paid out with interest. Subsequently, two scenarios are possible. If the user insists on withdrawing funds, they receive an improvised notification of violating platform rules, leading to the deletion of their account. In some cases, the account is blocked without warning, and access to the system is closed. The money remains inaccessible.
We recommend you read:
- Buying and selling cryptocurrency through exchanges: risks and benefits
- Financial pyramids: how to avoid falling for scammers’ tricks
- How to profitably trade cryptocurrency: best strategies
Summary of Onward Capital
Onward Capital is a typical financial scam, evidenced by the lack of a license and reviews from deceived clients. Scammers encourage clients to bring in friends to scale the scheme. If you believe these scammers, you risk losing all your savings.